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Futures Pushing Higher, 10yr Yield Sub 200-day MA

JGBS

JGB futures sit sub session highs, but have maintained a positive bias through the session. We were last 146.93, +.74 for JBH4. Highs came in at 147.10, while earlier dips sub 146.80 drew support. Volumes have been over 34.5k.

  • Some mild support has been evident from firmer US Tsy futures, with TYH4 last at 112-16+, +02.
  • The 10yr cash JGB yield sits near 0.56% in latest dealings, sub its simple 200-day MA (0.574%). We are down 7bps for the session in yield terms. We are off by a similar amount in yield terms for the 7yr, and 20-40yr tenors.
  • 10yr swap rates sit near 0.77%, off by around 2.5bps.
  • The data calendar had Nov trade figures and condominium sales, which haven't shifted sentiment.
  • Tomorrow, we have weekly offshore investment flows, but the main focus will be on Friday's Nov National CPI print.
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